The Malaysia medical tourism market is increasingly becoming one of the leading medical tourisms market in the entire Asia Pacific, fetching a large number of foreign patients on a regular basis. Active participation of the government aimed at the development of the booming medical tourism industry and low cost services are working in favor of the market.
In a recent market research report that covers the medical tourism market in Malaysia, Transparency Market Research states that the market is expanding at an excellent pace and will continue to embark upon a promising growth path in the next few years as well. Over the period between 2016 and 2024, the market is expected to exhibit a promising 30.05% CAGR, rising to a valuation of US$3.5 bn by 2024 from US$424.96 mn in 2016.
Browse Market Research Report: http://www.transparencymarketresearch.com/malaysia-medical-tourism-market.html
In this blog post, TMR analysts highlight some of the notable trends in the market in the present scenario:
Q. Which medical specialty area rakes in the majority share in revenue in the Malaysia medical tourism market?
A. It is presently the dental sector that accounts for the leading share in revenue in the Malaysia medical tourism market. It is estimated that nearly 36.6% of the medical tourists in Malaysia availed dental treatments in 2016. The segment of aesthetics/cosmetic surgery closely followed, accounting for the second-largest share in the market in the same year.
Some of the chief factors encouraging foreigners to avail these services in Malaysia include the low cost of services as compared to those in developed economies such as the U.S. and several European countries. Favorable government regulations make it easier for foreign patients to come to the country to avail medical services. Moreover, favorable investments from private and public bodies aimed at the development of healthcare infrastructure of the country are making the healthcare services available in the country at par in standards with most developed countries.
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Q. How is the nature of competition in the market?
A. Owing to the excellent growth of the past few years, the Malaysia medical tourism market has witnessed a significant rise the number of service providers. The market, however, showcases a largely consolidated competitive environment, with a top few companies accounting for dominant share in the overall market. As the market steadily inches close to maturity, the market will start to see a decline in new areas of opportunities. To tackle this foreseeable situation of a potentially intensified competitive scenario, a number of companies have started to offer ways of changing their services and product offerings according to patient requirements.
Leading companies in the Malaysia medical tourism market are also focusing in ways of expanding their geographical reach to retain their stronghold in the medical tourism industry. Incorporating ways of retaining foreign consumers has emerged as a key strategy for companies in the Malaysia medical tourism market. Some of the notable players exhibiting a strong presence in the market are Prince Court Medical Centre, KPJ Healthcare Berhad, IJN Health Institute, Island Hospital, and Sunway Medical Centre.
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